There are thousands of Non-Fungible Token (NFT) collections out there that all claim to be the next big thing of the industry. However, while others were busy being loud about their features, one project silently climbed the ranks and landed in the top fifteen most traded NFT collections of all time. We’re talking about Doodles, the spotlights of this article, where we’ll let you know all the interesting details about a possible hidden gem of the crypto industry.
Doodles is the name of a Non-Fungible Token (NFT) collection of 10,000 bespoke pieces that feature signature simplistic looks and styles. The artist behind Doodles is Scott “Burnt Toast” Martin, who has worked with tech giants like Google and Snapchat before creating this collection.
Each Doodle is unique, but they are not equally rare. Human species, for example, are more common than aliens, cats, apes, or skeletons (“skellys'' in Doodle language). Naturally, this reflects on the pieces’ price, with scarcer figures and styles being more valuable than their more average peers. On top of body type, Doodles feature many other traits that all contribute to the rarity of the items, such as costumes, heads, or colorways.
Doodles were initially auctioned off at a flat mint price of 0.123 ETH. This looks like a small amount in retrospect, as nowadays the lowest price of any Doodle stands at 12 ETH, with the highest ever price of 296 ETH for one single Doodle, namely piece 6914. At today’s rate, the latter amount would translate to around USD 532,000.
Doodles don’t feature any intrinsic utility, nor use case, yet they are successful and are among the top of their industry. This likely means that what actually appeals to investors is the sheer simplicity and perfection of the art. Not everyone wants to use their NFTs in an active manner, and apparently many actually found the perfect collectibles in Doodles, as they seemed to be similar to conventional art collecting with the extra element of being blockchain-registered.
Despite that, there was actually a sort of utility tied to Doodles later in their journey, namely voting rights in a community which directs a fund called Doodlebank. There, the group reportedly holds around USD 5M in reserves meant to back any venture of incentive in the future.
The Doodles community is a strong one with a great bond and active social life that is expected to attract many in the times to come. Other than that, since the project is fully owner-governed, it’s really hard to predict what they will decide next about the future of Doodles, but one thing seems certain, new ventures will be exciting and impactful.
With all that considered, are Doodles really the hidden gems of the NFT space? The answer could really depend on your personal preference. For someone in it for the long run and for pure artistic value, Doodles seem like the ultimate, yet not so talked about choice. For those, however, who prefer using their NFTs and flip them for short-term gains, Doodles might not be the best choice at the end of the day.
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